Subject: Thank You
Date: Wed, 6 Aug 2003 11:59:38 -0500
From:      <ExelonPublicAffairs@exeloncorp.com>
I am writing to personally thank you for responding to my request=
 earlier
this year to contact your Members of Congress in support of=
 eliminating the
double taxation of corporate dividends.  Exelon, through our=
 ACTIONetwork
grassroots website, helped generate more than 4,500 messages to=
 Members of
Congress in 46 states.  Thank you for making our voice heard in=
 the halls of
Washington, DC!  

As you know, tax relief for dividend income was enacted by=
 Congress and
signed by the President earlier this year.  The tax on dividends=
 and capital
gains was reduced to 15% for most taxpayers, and to 5% for=
 taxpayers in the
two lowest tax brackets.  Although the taxation of dividends was=
 not totally
eliminated, this was still a major victory, as it significantly=
 reduced the
tax rate on dividends from its previous high of 38.6%.  

Last week, Exelon's Board of Directors -- largely in response to=
 this change
in tax law and the resulting increase in the market value of the=
 Company --
approved raising our dividend from $1.84 to $2.00 per share=
 annually, an
8.7% increase in the dividend we will pay to our 310,000=
 shareholders.  The
dividend increase reflects both that underlying strength of the=
 Company and
the fact that recent changes in the federal income tax laws make=
 dividends a
more efficient way to distribute value to our shareholders.

Our decision to increase our dividend payment is in keeping with=
 Exelon's
pledge to return earnings to shareholders when higher returns are=
 not
available from acquisition opportunities.  The reduced tax that=
 shareholders
will pay on their dividend income as a result of the Jobs and=
 Growth Tax
Relief Reconciliation Act of 2003 helps make the return of=
 earnings to
shareholders a better value for Exelon's investors at this time.
 
As I stated during my testimony before the U.S. Senate Committee=
 on Commerce
in support of the President's dividend proposal, the change in=
 the tax
treatment of dividend income also benefits investors by promoting=
 greater
corporate responsibility.  Reducing the double taxation of=
 dividends reduces
the tax bias in favor of retained earnings, requiring=
 corporations to be
more diligent in evaluating investments made with retained=
 earnings -- and
returning earnings to shareholders when new investment can not be=
 justified.

Thank you again for responding to our request for assistance on=
 this
important public policy issue.  Our advocacy efforts as a Company=
 were
greatly enhanced by your personal participation.  

Sincerely,

/s/ John W. Rowe

John W. Rowe
Chairman and Chief Executive Officer


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